Govt will soon take final call on GAAR: FM
26 July 2014 12:03 AM GMT
Government will shortly take a call on the controversial tax proposal, General Anti-Avoidance Agreement, which was deferred till April 2015 by the UPA regime, Finance Ministry Arun Jaitley on Friday said.
‘I must confess, I have not yet gone into the whole issue (of GAAR) because we were busy with the Budget exercise but I now intend spending sometime and then the government will take a final view as to what we are to do with the proposal which is already pending,’ Jaitley said while replying to the debate on Finance Bill in the Lok Sabha.
Introduced in 2012 by the then Finance Minister Pranab Mukherjee, GAAR created widespread concerns among foreign and domestic investors. They expressed apprehensions that the provision gives unbridled powers to taxmen to check evasion of taxes.
‘I must confess, I have not yet gone into the whole issue (of GAAR) because we were busy with the Budget exercise but I now intend spending sometime and then the government will take a final view as to what we are to do with the proposal which is already pending,’ Jaitley said while replying to the debate on Finance Bill in the Lok Sabha.
Introduced in 2012 by the then Finance Minister Pranab Mukherjee, GAAR created widespread concerns among foreign and domestic investors. They expressed apprehensions that the provision gives unbridled powers to taxmen to check evasion of taxes.
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